18 August 2022
Britain's inflation rate rose to a new 40-year high of 10.1% in July, a faster pace than in the U.S. and Europe. The double-digit surge in consumer prices over a year earlier was higher than analysts' central forecast of 9.8% and a jump from the annual rate of 9.4% in June, the Office for National Statistics said.
The Bank of England says soaring natural gas prices are likely to drive consumer price inflation to 13.3% in October.It says that will push Britain into a recession that is expected to last through 2023.Britain's Conservative government is under pressure to do even more to help people cope with the cost-of-living crisis.The average U.K. household fuel bill has risen more than 50% this year. Prime Minister Boris Johnson is due to leave office next month and says any new measures must be left to his successor.
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